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Holiday storms in U.K. result in $702M in insured losses: ABI

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Storms and flooding in the United Kingdom over the recent holiday period will cost insurers about £426 million ($702.2 million), the London-based Association of British Insurers said Tuesday.

Storms between Dec. 28 and Jan. 8 resulted in 174,000 claims from businesses, homeowners and auto owners, the ABI said.

In a statement, Aiden Kerr, assistant director and head of property at the ABI, said insurers and loss adjusters had acted quickly to help policyholders affected by flooding cope during the Christmas period.

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